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Enagás (ENG) investor relations material
Enagás Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first nine months of 2025 increased by 6.9% year-over-year to €711.2 million, driven by regulated activities and offset by regulatory impacts.
EBITDA declined by 11.7% to €505.9 million, reflecting higher non-recurrent expenses and the deconsolidation of Tallgrass Energy.
Net profit reached €262.8 million, including capital gains from asset sales and fair value adjustments; recurrent net profit was €206.9 million.
Funds from operations (FFO) stood at €463.0 million, with €117.3 million in dividends from affiliates.
Net debt reduced to €2.347 billion, with over 80% at fixed rates and an average maturity of 4.8 years.
Financial highlights
Total revenues rose to €711.2 million (+6.9% year-over-year), while EBITDA fell to €505.9 million (-11.7%).
EBIT decreased by 15.0% to €275.2 million; recurrent net profit dropped 11.4% to €206.9 million.
Net profit swung from a loss of €130.2 million in 9M2024 (due to Tallgrass sale) to €262.8 million in 9M2025.
Operating cash flow was €280.0 million, impacted by working capital adjustments.
Net investments totaled €39.7 million, with significant divestments including Tallgrass Energy and other assets.
Outlook and guidance
Targets for 2025: recurrent net profit of €265 million, EBITDA of €670 million, net debt around €2.4 billion, and dividend of €1.00 per share.
FFO/Net Debt ratio expected to remain above 15%, supporting a BBB+ credit rating.
Recurrent operating expenses expected to grow at a maximum CAGR of ~1.5% from 2024-2026.
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